Business & Finance

Reasons Why NJ Is the Second Worst Place to Retire

67abb5c86fabac836a5e_Map_of_New_Jersey_-_counties.jpg
67abb5c86fabac836a5e_Map_of_New_Jersey_-_counties.jpg

NEW JERSEY -- If you are thinking of staying in New Jersey after your working days are over, you might want to think again. Many people consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change.

WalletHub, an online financial services site, compared all 50 states on indicators of retirement friendliness. The analysis ranked New Jersey second to last -- ahead of only Kentucky -- in terms of affordabilityhealth-related factors and overall quality of life. Not surprisingly, Florida ranked No. 1 followed, by Colorado, South Dakota and Iowa. Virginia rounded out the top five.

Among the main reasons NJ rated so low? Taxes and the high cost of living, naturally. 

Sign Up for E-News

"New Jersey ranked particularly low in many metrics," said WalletHub analyst, Jill Gonzalez. "For instance, in Tax-Friendliness on Estate or Inheritance Tax, it ranked 49th, being one of the few states that taxes both."

In Share of Adults Aged 65 and Older Who Could Not Afford a Doctor Visit, NJ ranked 48th at more than 7 percent, and in Quality of Public Hospitals, the state ranked 45th, with only 51 percent of patients giving their hospital a rating of 9 or 10.

'Affordability' is composed of the following metrics:

  • Adjusted Cost of Living;
  • General Tax-Friendliness;
  • Tax-Friendliness on Pensions & Social Security Income;
  • Tax-Friendliness on Estate or Inheritance Tax; Annual Cost of In-Home Services;
  • Annual Cost of Adult Day Health Care; and
  • Share of Adults Aged 65 and Older Who Could Not Afford a Doctor Visit.

So what could the Garden State do to retain its retirees?

"Implementing retirement-friendly tax policies could certainly be a positive first step," Gonzalez suggested. "improving the quality and affordability of health care facilities and services to go along with the current high tax rates would also greatly improve New Jersey's ranking."

The data used for this report was collected from mostly government sources, such as the U.S. Census Bureau, the Council for Community and Economic Research, the U.S. Bureau of Labor Statistics, the Retirement Living Information Center, and others.

To review the list of all 50 states in the WalletHub study, click here.

Almost 30 percent of non-retired adults haven’t saved any money for their golden years. In addition to when you want to retire, a good question to ask is where. Even in the most affordable areas of the U.S., most retirees cannot rely solely on Social Security, which replaces only about 40 percent of the average worker’s earnings.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Verona/Cedar Grove

Newark Street Renamed After late Essex County Undersheriff

July 18, 2018

NEWARK, NJ - The late Essex County Undersheriff who may soon have the Market Street patrol building renamed after him also had a road dedicated in his namesake today.

Essex County Undersheriff Kevin Ryan often worked security at the Cathedral Basilica of the Sacred Heart, his brother said. A portion of Victoria Avenue in front of that church today was renamed to Kevin J. Ryan Way in honor of ...

Cedar Grove Police Blotter

July 8, 2018

July 2, 2018 – July 8, 2018

On July 3, 2018 at 7:22 a.m., Ptl. Kristian Schneider responded to a David Road address to take a report of a suspicious vehicle. The resident observed a black four door vehicle stop in front of her home at approximately 5:20 a.m. She noticed that both passenger side doors were open and then observed two black males walking from the area of her driveway. She ...

Got Mint? Bayonne Police Charge Man with Stealing $1,000 in Toothpaste

July 17, 2018

BAYONNE, NJ – The case of a near lifetime supply of toothpaste that was taken from a Bayonne pharmacy has been solved.

Marcos Baez, 40, of Isabella Avenue, was charged with four counts of shoplifting after police identified him as the person responsible for stealing more than $1,000 worth of toothpaste, according to a police release.

Police were called to the Rite Aid at 12-16 North ...

Upcoming Events

Wed, July 18, 7:00 PM

Hospital Conference Room 2 (Ground Floor), Glen Ridge

Becoming a Parent

Health & Wellness

Carousel_image_c59c9acb1abc7cdb8c6a_mini_magick20180510-124227-5wdsnf

Mon, July 23, 9:00 AM

Sellitto Field, Verona

Verona Football 2018 Summer Camp

Sports

Mon, July 23, 7:00 PM

Hospital Auditorium, Glen Ridge

Tour of the Birthing Center

Health & Wellness

Calling Local Artists!

July 17, 2018

The Township of Verona is looking to run some new events around town focused on the arts and would like to hear from all the amazing local talent we have here in Verona and the surrounding towns. Please send an email to stneale@veronanj.org if you would like to hear more and get involved.

LOCAL BUSINESSES: Please contact if interested in hosting an exhibit at your location.

'Servant of Two Masters' exudes foolish fun

‘Servant of Two Masters’ makes for foolish, frivolous fun

By Liz Keill

MADISON, NJ –Carlo Goldoni’s “The Servant of Two Masters,” in a rousing translation and adaptation by Bonnie J. Monte, has the outdoor audience at The Shakespeare Theatre of New Jersey laughing and clapping all the way through.

The yearly production, held at the amphitheatre on the ...